Accountants in Thorpe Waterville

Directors paying themselves a salary still need a PAYE scheme and RTI submissions, even in a one-person company. It's a five-minute monthly task with software — and a recurring penalty generator without it.

Subcontractors under the Construction Industry Scheme have 20% deducted at source — often more than their final tax bill once expenses and the personal allowance are counted. That's why CIS refunds are so common: the average claim is well into four figures, but only if the deduction statements are all gathered.

First-year traders around Thorpe Waterville tend to make the same three mistakes: registering late, mixing business and personal spending in one account, and saving nothing for the first tax bill. All three are avoidable in an afternoon of setup.

Status under IR35 turns on the reality of the engagement: control, substitution, mutuality of obligation. Contracts matter, but working practices matter more. A written status assessment for each engagement is cheap insurance.

From April 2026, self-employed people and landlords with qualifying income over £50,000 move onto Making Tax Digital for Income Tax: digital records and quarterly updates to HMRC, not one annual return. The year before is the right time to get bookkeeping into shape.

Timing disposals across tax years, using losses properly, and the spousal transfer rules can all legitimately reduce capital gains bills — but only before the sale. CGT planning after completion is just arithmetic.

Good records aren't about neatness — they're about money: claims you can evidence, VAT you can reclaim, and an accountant who spends billable time on advice rather than sorting. Bank feeds plus a receipts app gets most small businesses to "tidy" in minutes a week.

Selling a rental property triggers capital gains tax with a tight reporting window — UK residential sales must be reported and the tax paid within 60 days of completion. It's one of the easiest deadlines in the whole system to miss, and one of the most penalised.